Site Map

VESTING ORDER NO. 248

ALL OF THE CAPITAL STOCK OF UNION BANKING CORPORATION AND CERTAIN INDEBTEDNESS OWING BY IT

Under the authority of the Trading with the enemy Act, as amended, and Executive Order No. 9095, as amended, [1] and pursuant to law, the undersigned, after investigation, finding:

(a) That the property described as follows:

All of the capital stock of Union Banking Corporation, a New York corporation, New York, New York, which is a business enterprise within the United States, consisting of 4,000 shares of $100 par value common capital stock, the names of the registered owners by which, and the number of shares owned by them respectively, are as follows:

_______________

[1] 7 F.R. 5205

all of which shares are held for the benefit of Bank voor Handel en Scheepvaart, N.V., Rotterdam, The Netherlands, which bank is owned or controlled by members of the Thyssen family, nationals of Germany and/or Hungary.

is property of nationals, and represents ownership of said business enterprise which is a national, of a designated enemy country or countries (Germany and/or Hungary);

(b) That the property described as follows:

All right, title, interest and claim of any name or nature whatsoever of the aforesaid Bank voor Handel en Scheepvaart, and August Thyssen-Bank, Berlin, Germany, and each of them, in and to all indebtedness, contingent or otherwise and whether or not matured, owing to them, or each of them, by said Union Banking Corporation, including but not limited to all security rights in and to any and all collateral for any or all of such indebtedness and the right to sue for and collect such indebtedness

is an interest in the aforesaid business enterprise held by nationals of an enemy country or countries, and also is property within the United States owned or controlled by nationals of a designated enemy country or countries (Germany and/or Hungary);

and determining that to the extent that any or all of such nationals are persons not within a designated enemy country, the national interest of the United States requires that such persons be treated as nationals of the aforesaid designated enemy country or countries (Germany and/or Hungary), and having made all determinations and taken all action, after appropriate consultation and certification, required by said executive order or Act or otherwise, and deeming it necessary in the national interest, hereby vests such property in the Alien Property Custodian, to be held, used, administered, liquidated, sold or otherwise dealt with in the interest of and for the benefit of the United States.

Such property and any or all of the proceeds thereof shall be held in a special account pending further determination of the Alien Property Custodian.  this shall not be deemed to limit the powers of the Alien Property Custodian to return such property or the proceeds thereof, or to indicate that compensation will not be paid in lieu thereof, if and when it should be determined that such return should be made or such compensation should be paid.

Any person, except a national of a designated enemy country, asserting any claim arising as a result of this order may file with the Alien Property Custodian a notice of his claim, together with a request for a hearing thereon, on Form APC-1, within one year from the date hereof, or within such further time as may be allowed by the Alien Property Custodian.  Nothing herein contained shall be deemed to constitute an admission of the existence, validity or right to allowance of any such claim.

The terms "national", "designated enemy country" and "business enterprise within the United States" as used herein shall have the meanings prescribed in section 10 of said executive order.

Executed at Washington, D.C., on October 20, 1942.

[SEAL]

LEO T. CROWLEY, Alien Property Custodian.

[F.R. DOC. 42-11568; Filed, November 6, 1942; 11:31 a.m.]

Return to Table of Contents